do we see a better economy? or do we see the sequester take some oompf out of the economy in. >> there are two significant issues. number one, earnings have been good, but revenue growth is slowing. economic data is mixed. again, we have some manipulation in the economic numbers based on moving the fed's balance sheet from 500 billion to 3.4 trillion. i also think we have to be cognizant of the fact that investors still have not gained full confidence. they're still weary, they're still concerned. just take a look at a 10% drop in gold one day, or 8% drop in japan, which followed through to a total of 20% loss, and it shows you the first sign that investors get that things are not as good as expectations, or that there will be any type of pullback in the liquidity run, they'll go running for the hills. i'm not saying run out of equity. we love equity long term. there's too many ways to be -- too many reasons to be bullish on equity. but my point is second half stay disciplined. don't let those equity bounces in